Author: Mary Osisanya-Bello

President Tinubu has emphasised that his administration’s economic reforms are steering Nigeria’s economy towards recovery. President Bola Ahmed Tinubu, on Thursday, said Nigeria’s economy was gradually making a rebound, attributing the progress to sustained reforms being implemented by his administration across various sectors. Tinubu applauded the role of the media in the fight to enthrone democracy and the successes recorded by the country in its uninterrupted 25 years’ democratic journey. The president spoke during the opening ceremony of the All Nigerian Editors’ Conference (ANEC) in Yenagoa, the Bayelsa State capital. Tinubu, who was represented by Minister of Information and National…

Rite Foods Limited, a leading indigenous manufacturer in the Food & Beverage sector, has partnered with Sterling One Foundation to conduct a beach clean-up at Alpha Beach in Lekki, Lagos. The event, part of the Sterling Environmental Makeover (STEM) program, marked the culmination of the National Sustainability Week organized by Sterling One Foundation. The beach clean-up saw participation from the Lagos State Ministry of Environment, local community residents, and volunteers, all of whom worked tirelessly to clear plastic waste and other pollutants from the shoreline. The initiative aimed not only to preserve the beach environment but also to raise awareness…

The Minister of Aviation and Aerospace Development, Festus Keyamo, convened a key stakeholders’ summit on Thursday to address local insurance challenges faced by airlines in Nigeria, with a focus on fostering stronger partnerships between the Nigeria Insurance Association (NIA) and the Airline Operators of Nigeria (AON). The summit aimed to ease operational burdens for airlines and streamline the insurance process within the sector. The event, which took place at Transcorp Hilton Hotel in Abuja, also served as a platform for discussing solutions to the ongoing concerns surrounding aviation insurance in Nigeria. Keyamo emphasized the need to address issues that have…

The National Institute of Marketing of Nigeria (NIMN) and the Nigerian Institute of Public Relations (NIPR) have signed a Memorandum of Understanding (MoU) aimed at raising industry standards, reshaping Nigeria’s public perception, and restoring its global image. The MoU, signed at NIMN’s Lagos headquarters, seeks to unify the standards of public relations and marketing in Nigeria. It aims to enhance the country’s reputation by adopting a more dynamic approach to marketing communications. The partnership also supports NIPR’s “Rebirth Initiative,” which focuses on shifting the national mindset towards a more positive brand perception of Nigeria. “This MoU marks a significant milestone…

The emergence of Donald Trump as the 47th President of the United States could exacerbate inflationary pressures in Nigeria and lead to a decline in global oil prices, which would negatively affect Nigeria’s oil revenue. This outlook was shared Thursday in an investor note from FXTM, a leading trading platform. Authored by Senior Market Analyst Lukman Otunuga, the note, titled “US Elections: Trump Wins! What Does This Mean for Nigeria?” highlights the potential economic repercussions of Trump’s policy direction on Nigeria. Otunuga suggests that Trump’s victory may pressure global oil prices due to his push for greater domestic oil and…

Three major oil marketers have strongly opposed Dangote Petroleum Refinery’s bid for monopoly control of Nigeria’s petroleum sector, warning that such a move could severely damage the country’s economy. The marketers—AYM Shafa Limited, A.A. Rano Limited, and Matrix Petroleum Services Limited—are respondents in a lawsuit filed by Dangote Petroleum before a Federal High Court in Abuja. In the suit, Dangote seeks to nullify the import licenses issued to the Nigerian National Petroleum Company Limited (NNPCL) and five other oil firms, accusing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of enabling unfair competition by continuing to grant import permits…

The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has rejected concerns that the four tax bills currently before the National Assembly would undermine the operations of government revenue-generating agencies. In a statement issued by the FIRS on Wednesday, Adedeji, speaking at a meeting in Abuja with heads of the National Agency for Science and Engineering Infrastructure (NASENI), the National Information Technology Development Agency (NITDA), and the Tertiary Education Trust Fund (TETFund), called such concerns “misplaced.” Addressing rumors that the proposed renaming of FIRS to the Nigeria Revenue Service might lead to the takeover of other agencies, Adedeji…

The President/Chief Executive Officer of TotalEnergies worldwide, Patrick Pouyanne, says the company is ready to invest billions of dollars in Nigeria by participating in the ongoing oil bid round in the country. Pouyanne stated this recently when he visited the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, at the commission’s headquarters in Jabi, Abuja. This is coming a few months after the CEO said he had snubbed Nigeria to invest $6bn in Angola. In a statement, the NUPRC said the meeting focused on key issues surrounding divestment, investment, and regulatory consent, addressing ongoing initiatives related to…

The Central Bank of Nigeria (CBN) has unveiled guidelines for banks to implement the newly introduced free foreign exchange (FX) deposit window, effective from Wednesday. The guidelines enable commercial, merchant, and non-interest banks to trade with foreign exchange deposited by participants under the scheme, providing greater liquidity to the market. The initiative, which was recently announced by the Federal Government, aims to integrate foreign currency held outside the formal banking system into the economy. The nine-month scheme, starting from October 31, 2024, allows individuals to deposit dollar bills without scrutiny, with no penalties or taxes attached. The CBN’s guidelines, signed…

Property owners along the Lagos-Calabar Highway have rejected the Federal Government’s compensation offer, calling it far below the true value of their properties. In an exclusive interview, Emeka Mewu, a retired banker, expressed his dissatisfaction with the offer. “My property, including land and four bungalows, was valued at over N400m, but I was offered just N3.3m. The land itself is of high value, and I had to sell two properties to acquire it,” he said. Mewu also noted that the Lagos State Government had allowed development on the land, which wasn’t part of the gazetted alignment for the road. Similarly,…

Lotus Bank, Nigeria’s leading non-interest bank, reaffirmed its commitment to transparency, inclusivity, and ethical banking at its recent Stakeholder Engagement Forum held at the Four Points Hotel, Victoria Island, Lagos. The event brought together the bank’s executive management, members of the media, and key stakeholders to deepen understanding of the bank’s non-interest banking principles, innovative products, and its ongoing efforts to promote ethical and inclusive financial practices. Dr. Isiaka Ajani-Lawal, Executive Director at Lotus Bank, who represented the Managing Director, Mrs. Kafilat Araoye, expressed appreciation to the media for their role in raising awareness of non-interest banking in Nigeria. “We…

The Managing Director/CEO of the Ogun-Osun River Basin Development Authority, Dr. Adedeji Ashiru, announced on Wednesday that the Federal Government has finalized plans to construct seven dams across the six southwestern states to boost irrigation and food production. The dams, set to be built as part of President Bola Tinubu’s agricultural agenda, will facilitate all-year-round farming and enhance food security. Ashiru revealed that the contracts for the dams are expected to be awarded between now and Friday. Each of the seven dam sites will feature 12 greenhouses, open fields for farming, and storage facilities for harvested produce. The initiative is…

The Federal Government on Tuesday called on both local and international stakeholders to seize the growing opportunities in Nigeria’s agricultural sector and invest in large-scale, mechanized farming to drive economic diversification and food security. The appeal was made by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, at the opening of the inaugural three-day Farm, Food, and Allied Technologies Expo in Abuja. The event, organized by the Abuja Chamber of Commerce and Industry (ACCI) in partnership with Afreximbank and Autodex Nigeria Limited, aims to stimulate interest and investment in the agricultural sector. Kyari, who was represented by Adegbenro…

The Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Tunji Bello, has called on electricity distribution companies (DisCos) to prioritize consumers’ rights in the metering process and ensure transparency and fairness in billing practices. Bello made the statement on Tuesday during a meeting with key stakeholders from Nigeria’s electricity sector and the FCCPC in Abuja. “We are gathered today because consumers’ rights in the metering process must be a priority,” Bello emphasized. “The recent challenges—especially arbitrary billing practices and the lack of transparency in metering—are unacceptable. We must ensure that consumers are treated fairly and…

Dangote Petroleum Refinery has firmly rejected Pinnacle Oil’s justification for importing off-spec petroleum products, asserting that deregulation should not be used as an excuse to undermine national interests or compromise the integrity of Nigeria’s energy sector. On Tuesday, Dangote Refinery responded to statements made by Robert Dickerman, Chief Executive Officer of Pinnacle Oil and Gas Limited, who had defended the practice of blending off-spec petroleum products within the framework of a “deregulated commodity market.” Dangote’s response emphasized that such actions, in the name of deregulation, posed serious risks to the welfare of Nigerians and the sustainability of the nation’s energy…

Key government officials, including the Ministers of Agriculture and Food Security, Abubakar Kyari; Science, Technology and Innovation, Uche Nnaji; and Budget and Economic Planning, Atiku Bagudu, are expected to testify before the House of Representatives Committee on Renewable Energy on Wednesday, 6 November 2024. The committee, chaired by Afam Ogene, who represents Ogbaru Federal Constituency in Anambra State, is investigating the use of more than $2 billion in investments and grants for renewable energy development in Nigeria from 2015 to the present. Despite the large financial resources allocated to the sector, the committee has raised concerns over the deteriorating power…

Nestlé has officially relaunched its beloved MAGGI Chicken Flavour Seasoning Cubes, now featuring a vibrant new blend of spices, including onion, turmeric, and celery, alongside a boosted chicken flavour designed to elevate the cooking experience for Nigerian consumers. This upgraded formula promises to bring even more depth and richness to everyday meals, reinforcing MAGGI’s position as a kitchen staple across the country. In addition to the improved flavour, the product is now available in a convenient double-cube format, offering consumers more value and versatility. This innovative packaging not only enhances the convenience of use but also supports Nestlé’s commitment to…

Inflationary pressures have worsened Nigeria’s private sector performance at the start of the final quarter of the year, leading to a sharp decline in business conditions. Overall input costs surged at one of the fastest rates on record, driving up selling prices and dampening consumer demand. As a result, new orders and business activity fell significantly, and business sentiment reached its lowest level since the survey began in January 2014. Despite these challenges, companies continued to expand their workforce slightly, even as workloads declined. This data comes from the Stanbic IBTC Purchasing Managers’ Index™ (PMI®), a key indicator of private…

BUA Foods Plc, renowned for its popular brands like IRS Pasta, BUA Sugar, IRS Flour, and BUA Rice, has been named the 2024 Company of the Year at CNBC’s prestigious All Africa Business Leaders Awards (AABLA) held in South Africa. This remarkable achievement makes BUA Foods the first Nigerian company to receive the coveted Company of the Year award in the 12-year history of AABLA, Africa’s foremost business recognition platform that celebrates excellence across the continent’s corporate landscape. The announcement came just hours before BUA Foods was also honored as the Most Valuable Indigenous Food Company at the 2024 BrandCom…

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has criticized the Dangote Petroleum Refinery for selling petrol at N990 per litre, calling the price inconsiderate, especially since the company benefited from significant foreign exchange concessions during its construction. PETROAN claims that imported petrol is currently cheaper, with the landing cost of imported fuel standing at N978 per litre as of October 31, 2024. PETROAN’s Publicity Secretary, Joseph Obele, argued that Dangote’s price-setting is based on international market rates rather than the cost of production and a fair margin. He emphasized that PETROAN plans to import high-quality fuel and…